Sprint Shareholders Approve SoftBank Deal

Sprint Nextel shareholders overwhelmingly approved a mergerwith Japanese wireless giant SoftBank Tuesday, ending a months-long battle withDish Network and paving the way for completion of the transaction in earlyJuly.

According to a statement, about 98% of votes cast at aspecial meeting of shareholders were in favor of the deal.

"Today is a historic day for our company, and I want tothank our shareholders for approving this transformative merger agreement,"said Sprint CEO Dan Hesse in a statement. "The transaction with SoftBank shouldenhance Sprint's long-term value and competitive position by creating a companywith greater financial flexibility."

The deal is still subject to FederalCommunications Commission approval. The parties said in a statement that theyexpect the transaction to be completed in early July.

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